Cardoso's Women Scandals: A Tale of Two Most Powerful Women Consultants Who Earn More Than 15 CBN Directors Combined With Impunity

By Our Reporter

A storm is brewing within the hallowed halls of the Central Bank of Nigeria (CBN), one that has set tongues wagging and raised eyebrows in disbelief. At the heart of this tempest is Governor Olayemi Cardoso and two women whose unchecked influence and staggering earnings have turned the nation’s apex bank into a stage for financial impunity.

Meet Nkiru Balonwu and Daphne Dafinone, two consultants whose monthly take-home pay eclipses the combined salaries of more than 15 CBN directors. Their extraordinary remuneration and unprecedented access to power have left career bureaucrats sidelined and senior officials grumbling in frustration.

A New Power Structure in the CBN

When Cardoso assumed office on September 22, 2023, he brought with him—or was quickly joined by—these two influential women. Since then, they have entrenched themselves in the highest decision-making circles of the bank, wielding authority that even deputy governors now acknowledge with uneasy deference.

While Nigeria’s economy struggles with inflation, naira devaluation, and dwindling investor confidence, Balonwu and Dafinone operate from plush offices on the eleventh floor of the CBN headquarters, issuing directives that override long-established bureaucratic channels. Their consultancy roles, nebulous in nature but extravagant in compensation, have raised serious concerns about governance and transparency within the apex bank.

Unprecedented Earnings and Questionable Appointments

The sheer scale of their remuneration is staggering. Ms. Balonwu, a communications consultant, reportedly earns N50 million monthly—an amount that dwarfs even the governor’s salary. Meanwhile, Ms. Dafinone, a chartered accountant, rakes in N35 million per month, despite the bank having an array of qualified professionals already handling its financial operations.

Balonwu’s appointment is particularly perplexing given that the CBN already has a robust corporate communications department led by a seasoned director. Yet, she has been handed a role that not only overlaps with existing structures but also significantly outpays them.

Dafinone’s position is even more contentious. Lacking clear deliverables, she has allegedly taken on roles beyond her remit, most notably spearheading the bank’s controversial ‘early exit programme,’ which forced over 1,000 employees into premature retirement. Her actions, bypassing the bank’s Human Resources Department, have raised serious ethical and procedural concerns.

A Bank in Disarray

A once-respected institution, the CBN is now a battleground of discontent, with insiders lamenting the erosion of due process.

“They are the real power behind the throne,” a senior director confided. “Cardoso is merely a figurehead—these women run the show.”

Even under the controversial tenure of former Governor Godwin Emefiele, the bank maintained a semblance of procedural order. However, Cardoso’s leadership has seen a breakdown of accountability, with favoritism and unchecked privilege taking center stage.

Flouting Procurement Laws

Beyond the ethical concerns, these appointments appear to violate the Public Procurement Act of 2007, which mandates competitive and transparent hiring processes for government agencies. The Act requires advertisements, clear terms of reference, and proper vetting of candidates—none of which were seemingly followed in these consultancy appointments.

Further complicating matters, one of these powerful consultants, Daphne Dafinone, is currently embroiled in a N100 million fraud case, facing allegations of duping a real estate buyer in Lagos. Yet, despite this legal cloud, she continues to enjoy unrestricted access to CBN’s highest levels of decision-making.

A Crisis of Confidence

The implications of this unfolding scandal extend beyond the CBN’s walls. As Nigeria’s financial sector grapples with policy instability and regulatory uncertainty, confidence in the nation’s apex bank is rapidly eroding.

“It sends the wrong message,” noted a leading economist. “If the regulatory body is itself mired in financial recklessness and cronyism, what hope is there for enforcing discipline within commercial banks?”

With over 29 directors, 170 deputy directors, and 400 PhD holders on its payroll, why does the CBN require these high-priced consultants with questionable impact? The answer, many believe, lies in a culture of impunity that has allowed a privileged few to profit at the expense of the institution’s credibility.

A Call for Accountability

The CBN is not a private estate to be carved up by a select few—it is a national institution tasked with upholding Nigeria’s monetary stability. If Governor Cardoso cannot rein in this financial recklessness and restore credibility, many believe his time at the helm should be cut short.

“This cannot continue unchecked,” declared a veteran banker. “If Cardoso cannot restore order, then he must go.”

As whispers of discontent turn into demands for accountability, one question looms large: will Nigeria allow its apex bank to remain a playground for financial excess, or will those responsible be held to account? The nation watches and waits.

Culled from The CapitalNG